Munich Re's Net Profit Beats Forecasts

By

Ulrike Dauer

Updated Aug. 5, 2010 12:01 a.m. ET

FRANKFURT—Munich Re AG said Wednesday its net profit rose 3.5% in the second quarter—beating expectations of a 30% decline—as gains from the company's investments more than offset the high bill for earthquakes and the Gulf of Mexico oil spill.

The company, one of the world's largest reinsurers, also said it will reach its full-year target of after-tax profit of above €2 billion ($2.64 billion), despite the substantial disaster costs...